Ma'aden reports major drop in profits

8:11 AM MDT | July 15, 2013 | Natasha Alperowicz

Saudi Arabian Mining Co. (Ma’aden) has reported a major drop in profits in the second quarter of this year, citing the shutdown of an ammonia plant for technical maintenance. Net profit was down 68%, to 41.0 million Saudi riyals ($10.9 million), while operating profit decreased 79%, to SR50.1 million. Sales have not been disclosed. The net profit was down 83% compared with the first quarter of this year, and the operating profit was 86% lower compared with the first three months of 2013. The ammonia plant shutdown was at Ma’aden...